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Everything posted by YoungFTB

  1. I'll certainly look into that, I don't know anything about NS&I income bonds so I have some research to do! I totally agree but I also believe it's not a bad thing to get the thoughts of others in your position but most importantly doing your own research is key. haha This is my opinion on this entire situation, the government cannot be trusted, the media cannot be trusted (The Belfast Telegraph, a glowing example!) and the banks can no longer be trusted. Based on all the factors I have researched it is clear to me that we are about to endure some very hard times very soon. If the UK ends up with high inflation then will that not eat away at any NS&I index linked certificates values? I'm still undecided on how much gold to buy. I'm going to research NS&I index linked certificates and see what I think about them. If they sound like a good choice then I'm thinking of putting 90% into that and then the other 10% into gold & silver. Then if it looks like we are going to have a financial meltdown in the UK, I'll put the other 90% into Gold & Silver Will do! Yep that's my concern
  2. When I heard about Northern Rock on the news I started to follow the story very closely and then started following all the other factors which led me to this website. I've been reading a lot of the threads in the main forum, especially about gold and the risks to the banking systems and I'm very concerned. I still want to read as much as I can on the subject before making a decision of where to invest my money, I'm starting to become worried that the bank is not the best place to keep the funds. Is anyone here diversifying their investments into other things like gold, silver etc?
  3. I really hope you're right about the prises dropping by 60% or more. If apartments are speculative driven more than any other property, they should also drop in price much faster than other property? Will a lot more of them end up on the market after April 08? What do you think the time scale will be for drops in apartment prices, 1 or 2 years instead of 3 or 4 for family property perhaps?
  4. Well I meant the first part of the article, was it a fake article? I was talking about the 2 bedroom apartments, I agree that the one bedroom apartments are probably worth around £70K
  5. That Belfast Telegraph article is the most rediculous one I have read yet! They're getting desperate
  6. Thanks a lot Sophia, your input has been really helpful.
  7. That's interesting, I suppose when you think about it apartments have a limited market. I suppose their main market is the young professionals (people in their 20s) and most of those will be FTBs who are prices out of the market
  8. Ah yes I've noticed that! 29 Salisbury Court, Dublin Road http://www.propertynews.com/brochure.php?r...amp;p=PNC188567 Exactly 1 year ago a 1 bedroom place in this area went up for sale for £89,950 which I enquired about, it's final sale price was £150,000! I personally feel that the top end 2 bedroom apartments in the center of Belfast are worth around £150K max and the low end 2 bedroom apartments are worth £100K max - that's my opinion based on a 40% fall so I'm sure it could be more or it could be less.
  9. Oh no I won't be jumping in with any bids, 2008 will be a very interesting year for the NI property market. I plan to keep saving up for a big deposit and watching the market closely. I've actually thought about renting a place in the center of Belfast, some 1 bedroom apartments are listed as £450 a month which I think is rediculous. Most of the apartments for rent in the center have been listed there for 6 months plus. Does anyone know if you can negotiate the price for rent? I would have thought that surely getting 60% of the rent you had wanted for a place would be better than an empty apartment. Interesting, I'm not really surprised but it's certainly good to know others thoughts on the matter. Knowing this info is very useful, I've never lived in an apartment but it's good to know the negatives That's really good to know! If I was going to buy a place anywhere I would certainly do my own research by going door to door to ask opinions on what it was like t0 live in the area. I remember seeings a news report on UTV about a year ago with the residents of the Bass Building complaining about prostitutes and drug dealers working around that area, is it really that bad? Sophia are any of the apartments in the Bass Building ok to live in? (Front of the building Vs Back of the building) it certainly doesn't sound like a nice place to live. Are there any apartment buildings in the center of Belfast that have less of these problems? I've always had this impression that being young and living in the center of Belfast would suit my lifestyle, bars, restaurants, shops all within short walking distance. I've got plenty of info on the pros but very little on the negative aspects. What are your experiences of living in the center of Belfast (pros and cons) I would really appreciate your input if you don't mind sharing. Thanks for the replies folks, I appreciate it
  10. I would like to buy a 2 bedroom apartment in the center of Belfast, current prices seem to be around the £200K mark although I have noticed that some apartments in the Bass Buildings have come down as much as £10 - £20K in the last few months. I've also noticed that a lot of apartments from the Bass Buildings (BT2 8EP) and Adelaide Street (BT2 6FD) have gone onto the market in the last 1 - 2 months. I'm wondering if these apartments are owned by BTLers & investors, does anyone have any idea? I get the impression that most owners would be BTLers & investors but I'm also interested in knowing if a lot of apartments in belfast are owned by these 2 types of owners. Lastly, how far do you think prices will drop in the center of Belfast? I'm hoping for a 40 - 50% drop but I think that might be an over optimistic hope. Thoughts?
  11. The only thing that really concerns me with creating a site like this becoming blamed for the fall in house prices, it may sound a bit ridiculous but our interests are for the house prices to come down but aspects of the media like Belfast Telegraph and the other VIs interests are for the prices to stay the same of go up (That won't happen regardless of their attempts to lie about the current state of the market) so I'd think that it would be quite probable that if site with info compromising their vested interest would result in a media smear campaign to attempt to protect their interests.
  12. Surely the difference this time will be the massive amount of investor and BTL property on the market, along with many who have a sub prime (100% mortage who can't afford repayments) and all the property from repossessions. Plus what about all the comsumer debt that so many people have. With the banks being more picky about the amount they lend, FTBers well priced off the market and investors gone, who is going to be able to afford or buy any of these properties? Even at a 15 - 20 percent drop?
  13. Wow this thread moves fast! Yea I'm trying to read it at the moment, I've read the first 5 pages and the current 5 pages What are your thoughts on the gold thread? Personally the prospect of a banking system meltdown in the UK concerns me even more than the housing crash. If we end up with Hyperinflation or banks going bust, we may not have any deposits for houses! I just want to protect my deposit, I think I'm going to wait and see what happens with the UK market before I decide on what to do with my money. I'm keen to see what happens with Northern Rock but it's not looking good at all. Yea looks like I over reacted and may have come across as a d*ck, sorry Vespasian! I Totally agree! Thanks for the info, I'd actually like to know which banks in Northern Ireland are the safest to have your money in and which banks are most exposed to what is going on right now. Personally I disagree, I feel that around 1 or 1.5 years ago this statement would be 100% spot on but sentiment has changed a lot recently. People are slowly starting to put the peices together, even before I read this thread I thought I knew what was going on in Northern Ireland but after reading this thread I feel I have an good feel for the market, the posts and info in this thread have been invaluable! I very much doubt it, it would 100% go against their vested interests Here is my suggestion First of all I am a web developer, I make my income from the internet and I have many years of experience doing so, it might take a week or 2 to setup because I'm extremely busy right now. Basically my suggestion is to start a forum specifically for people from Northern Ireland to discuss what's going on right now and I can think of the perfect URL - NICrash.com I have my own servers and plenty of extra bandwidth to burn so it wouldn't cost much to setup. The Goal is simple, to get as many people are possible to see this info, MGR we don't even need to go to the length of taking out ads that cost money. All we need is around 10 people interested in this idea to spread the word, it would take minimal effort also. Where to spread the word? Bebo.com - Literally 1000s of people from Northern Ireland with profits (well over 10K, could be a lot more) A message sent to anyone over 21 Faceparty.com - Another profile site with loads of people from Northern Ireland, really there are loads of these types of sites around. Plus I have a list of maybe 10 - 20 forums/sites that loads of people from NI read or post on. I'm sick and tired of listening to the lies from the Media and EAs about how the NI property market is not that bad, these lies should be exposed at every opportunity. We need an independant site that we can go to read the truth about what is going on in the market at the moment. I don't care if running a site like this ended up costing me $100 - $200 a month because it would be worth it. All it would take is around 10 people who want to contribute to a project like this and spend a bit of time when you can to spread the word on some of the sites I've mentioned above. I think this thread is great and I really appreciate what I have learned from it, but could this thread support 100 or even 1000 NI users replying each day? Well if you're interested let me know, if you think it's a bad idea I'm also keen to hear your opinion. I'm just sick and tired and having to sit and wait while this plays out, I have the patience (already waited 3 years in horror) and I can/will wait another 3 years if needed but I just want to be doing something constructive to help our interests in the mean time.
  14. What are you guys investing your money in? Mines in the bank at the moment, I'm not sure if I should keep it there or not. Some good points from both sides in this debate Wait and see what happens? That didn't work out too well for property owners
  15. Are there any regions of the world that are going to be much less effected by this recession? I'm just thinking that if it was the case then maybe it's time to move abroad for a while, if not for good!
  16. What are you guys doing to protect you investments?
  17. Bad news for me, I get paid in dollars It's dropped a hell of a lot since 01 Is there a real risk that the UK banking system could colapse?
  18. No problem mate No doubt man and I totally agree, we are lucky though because although we missed the boat this time there is a good chance we will not miss it this time. Sadly those in our financial position who got on the ladder in the last 2 - 3 years will have a very long time of hardship and those are the people I really sympathise with because this situation is going to destroy familes and lives. On the flip side, I am jumping in delight at the misfortunes of the BTLers with porfolios, same with the Investors and EAs. Their plight is music to my ears and I'm loving it. Now on to my main point, we are in a unique position here in my opinion. For the last few years we have been screwed by the developers, EAs, banks and Investors who resulted in the price rise. All we could do then was watch in horror has prices (and profits) soared and left us all in that awful helpless state. To get revenge, all we would need to do is spread this info. If the average person starts getting this info (They will in time anyway) but if they got the info sooner rather than later, surely the prices would slide even faster (what does anyone else think about this?) Yea I know, I just felt I was being mocked which I didn't like because I felt that I had a valid point although I really should have put the point across much differently, so no hard feelings man
  19. Is that what happened during the last crash in the 90s? The next few years is certainly going to be interesting Thanks for the welcome folks! I've read quite a few threads in the main forum, Is keeping cash in the bank a safe bet at the moment? Quite a few people are predicting a financial meltdown in the US & UK and are investing in things like gold, silver etc (I'll have to read up on their theory though)
  20. I think your sarcasm is completely uncalled for. To start with, if most people in Northern Ireland had the info in this thread at their disposal when the prices starts to go crazy in 05 the prices would not have rose anywhere near as sharply as they did and a lot less bidding wars would have broke out and drove up prices Secondly there are still clearly a lot of people (Investors, BTLers, FTBs or whoever) who do not have this info at their disposal. Want an example? Titanic Quarter sold out very fast (They are probably mostly Investors) but it still doesn't change the fact that anyone who buys now or anytime in the near future is going to get screwed even harder than the buyers who have struggled to get on the ladder in the last 2 - 3 years So I am very concerned for any ignorant NI buyers that are still risking their entire future on getting on the ladder and it makes it that much worse that the Estate Agents, Media (Belfast Telegraph & Co) and anyone else with a VI are lying through their teeth right now to sucker these people into a lifetime trap while also trying to unload their own devaluing property before things get much worse.
  21. Hehe! No no, I started at around September 07. I think I've read about the last 20 pages
  22. This was posted on another board on 17th September 07 I'm just wondering how people here feel about this info? I know from the post that a few here either have the cash or can put down a large deposit, but what about everyone else? What sort of effect will that have on things in 5 years time? With a Scenario like this - NI house prices drop in 50% over the next 3 years, but there are still very few people buying due to not being able to get mortgages. What happens then? Do house prices continue to fall?
  23. Hi everyone, I started reading this thread from about September 07 on Friday and I'm just up to present posts now. WHAT a read! I'm very glad that I found this thread, a big thank you to everyone who has contributed to this thread. I've learnt a lot! I'm an FTB in my 20s and like everyone else here from NI, I watched in disbelief at how property prices had soared beyond reach for most of us. Then the credit crunch came and I started to piece together what was really going on and realized how lucky I have been not to end up with a 200K - 250K debt! Before I found this thread from what I had read, my opinion was that property prices would fall around 20% over the next 2 - 3 years and then stagnate for a very long time, but after reading this thread my opinion has changed entirely. I think Belfast Boy is spot on with his estimate that prices will fall up to 50%. The point I am making is this, ANYONE in NI who is thinking of getting on the ladder in the next year NEEDS to see this thread. Furthermore I was actually thinking of trying to buy a place around April 08, thinking that another 5 or 6 months would allow me to save a bigger deposit (a few friends of mine are thinking of doing the same thing) After reading this thread I realize that this time could quite possible be one of the worst times to think of buying a property considering what will happen in April 08 with the BTL market. Anyway I just thought I'd share the current sentiment that a few of my friends and I had just a few days ago. I look forward to contributing to this fantastic discussion!
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